Kraken CEO says damage from FTX crash will take years to repair

Listing numerous red flags, the Kraken CEO stressed: "The damage here is enormous... We will be working to fix this for years to come."

Kraken cryptocurrency exchange CEO Jesse Powell shared his thoughts on FTX's collapse in a series of tweets Thursday. FTX filed for Chapter 11 bankruptcy on Friday.

"Our good, trusting nature makes us an easy target for scammers ... It's not about striving high and missing out. It's about recklessness, greed, self-interest, arrogance, and sociopathic behavior that causes one to risk all the progress this industry has worked so hard to earn over a decade for personal gain," the CEO told us.

Powell said: "We allow clowns to speak under our banner as long as they sell us out for their own interests. We give them the power to speak on our behalf, but they don't deserve that privilege. When they fail, the damage falls on our home, our reputation, our people," stressed the Kraken executive.

He also said that U.S. lawmakers and regulators also bear some responsibility. After all, they took this business offshore because they refused to provide a workable regime where crypto services could be offered under supervision.